I am no steel expert, nor am I a heavy enough user of my pocket knives to notice a significant difference in steels. For a collectors item that is going to be admired and displayed, 420HC takes a nice shiny finish and won't rust, so it sounds like a good choice there.
For users, I like 420HC fine. I can put a good edge on it and maintain it, and it's low maintenance. I mostly carry and use Case and Buck knives in 420HC, though I also use Case CV carbon steel and GEC 1095. Once they are sharp I really don't notice much difference in them. "Good enough" I suppose is the term I'd use.